# Alaris Equity Partners Income Trust (AD-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$24.09, market value C$1.1 billion.

## Valuation
- **P/E (trailing): 7.3×** (5-yr avg 5.8×, 3-yr avg 6.7×). Alaris Equity Partners Income Trust trades at 7.3× trailing earnings, well above its own five-year average of 5.8×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 10.3×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 4.8×**. Each dollar of revenue is priced at 4.8×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 5.4×**. Enterprise value is 5.4× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -4.0%** (5-yr avg 6.2%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 13.6%**. The inverse of the P/E: 13.6% of the price is earned each year.

## Profitability
- **Operating margin: 99.7%**. 99.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 40.8%**. 40.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.1%**. 8.1% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 13.3%**. Return on all capital, debt included, is 13.3%.
- **Return on assets: 11.8%**. Each dollar of assets produces 11.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 43.6%** (3-yr -0.8%/yr, 5-yr 21.9%/yr). Revenue grew 43.6% over the last year, against 21.9% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -66.9%** (3-yr -13.9%/yr, 5-yr 24.6%/yr). Earnings per share fell 66.9%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 2/9**. 2 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: C$6 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 6.06%** (C$1.46 per share, trailing). Alaris Equity Partners Income Trust yields 6.06%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 68%**. 68% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): 1.0%/yr** (1-yr 2.2%). The dividend has grown 1.0% a year over five years.

## Price and momentum
- **Total return (1 yr): 38.5%** (YTD 21.1%, 3-mo 3.8%). The shares are up 38.5% over twelve months including dividends.
- **From 52-week high: -8.4%** (34.4% above the low). Trading 8% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 43**. An RSI of 43 is neutral.
- **Beta (1 yr): 0.66** (volatility 18%). Beta of 0.66 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=AD-UN.TO · Page: https://foliofundamentals.com/stocks/ad-un.to

Not investment advice.